Cross-border transactions in FPS: Bank of Russia’s project

As a result, money transfers via the FPS to other countries will become as convenient, fast and accessible as inside Russia. Banks, in turn, will be able to offer additional services to people with regard to such transactions.

According to the draft ordinance, these functions can be implemented both jointly with similar foreign systems and by way of cooperation with individual foreign banks.

The new function is expected to become available as early as 2022.